Founder Nitin Passi told Drapers: “2017/18 was a tough but necessary year for the business. We’ve addressed the areas we needed to and have already turned the bottom line around. The business is rebooted, refocused and re-energised, and we’re excited to return to growth in 2019.”

However, the etailer conceded that, while stores had “strong absolute revenue, it was insufficient to cover their operating costs”.

A full strategy review was conducted in early 2018, and the current financial year has been marked as a year of transition to “clear the remaining low-quality stock and focus on returning the core ecommerce channel to growth”.

Boohoo Group, Asos and Missguided were pushed on the transparency of their supply chain models in the second evidence hearing on the sustainability of the fashion industry at the houses of parliament this week.

What an appalling set of - self inflicted - figures. If you are 'only' making a profit of £580K, you can't then think you're big time. Management should be hung out to dry, but no doubt they'll get employed somewhere else on an even bigger salary.

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